Calumet (NASDAQ:CLMT) Shares Cross Above Two Hundred Day Moving Average – What’s Next?

Calumet, Inc. (NASDAQ:CLMT)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.83 and traded as high as $16.82. Calumet shares last traded at $16.34, with a volume of 1,282,363 shares changing hands.

Analyst Ratings Changes

CLMT has been the subject of several research reports. The Goldman Sachs Group reduced their price objective on Calumet from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Bank of America started coverage on Calumet in a research note on Tuesday, May 13th. They issued a “buy” rating and a $15.00 price target on the stock. Wells Fargo & Company cut their price objective on Calumet from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, May 14th. Finally, UBS Group upgraded shares of Calumet from a “sell” rating to a “neutral” rating and decreased their target price for the stock from $15.00 to $12.00 in a report on Monday, March 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $18.50.

Calumet Stock Performance

The stock has a market capitalization of $1.41 billion, a PE ratio of -4.09 and a beta of 0.93. The firm has a 50 day moving average of $13.77 and a 200-day moving average of $14.83.

Calumet (NASDAQ:CLMT) last posted its quarterly earnings results on Friday, May 9th. The oil and gas company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.62). The firm had revenue of $993.90 million for the quarter, compared to analyst estimates of $899.62 million. Calumet’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period last year, the business earned ($0.51) earnings per share. On average, sell-side analysts predict that Calumet, Inc. will post -3.02 earnings per share for the current year.

Insider Buying and Selling at Calumet

In other news, Director Stephen P. Mawer sold 3,655 shares of the company’s stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $9.29, for a total value of $33,954.95. Following the transaction, the director directly owned 283,652 shares of the company’s stock, valued at approximately $2,635,127.08. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Gregory J. Morical sold 25,123 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $16.69, for a total value of $419,302.87. Following the sale, the senior vice president owned 39,415 shares of the company’s stock, valued at approximately $657,836.35. This represents a 38.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 278,778 shares of company stock worth $4,147,258. 4.07% of the stock is currently owned by company insiders.

Institutional Trading of Calumet

A hedge fund recently raised its stake in Calumet stock. Goldman Sachs Group Inc. raised its position in shares of Calumet, Inc. (NASDAQ:CLMT) by 33.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 465,269 shares of the oil and gas company’s stock after purchasing an additional 116,777 shares during the period. Goldman Sachs Group Inc. owned 0.54% of Calumet worth $5,900,000 as of its most recent SEC filing. 34.41% of the stock is owned by hedge funds and other institutional investors.

About Calumet

Calumet, Inc engages in the manufacturing, formulating, and marketing of a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. It operates through the following segments: Specialty Products & Solutions, Performance Brands, Montana/Renewables, and Corporate.